Public Liability

Risks are an inevitable part of life. Accidents can happen, whether as an individual or as an organisation. Some accidents can be rather trivial. However, those that aren’t can sometimes lead to legal liabilities where you face the possibility of legal fees and special damages that can result in you losing your hard earned savings. Public liability insurance is one that protects your business from any compensation claimed by third parties in the event of any accident.

Is public liability insurance required by law?

Although public liability insurance is not required by law, it could sometimes be a requirement when one enters into a contract. For example, it is often required before contractors, plumbers and electricians begin any contractual work. Depending on the nature of the job, sometimes a higher limit of liability may be required but this can always be discussed with the insurer.

What does public liability insurance cover?

1) Bodily Injury.
Public liability insurance offers protection in the event that someone is injured due to your negligence. For example, if someone was to slip on a wet staircase in your property and injure his ankle, you could be held liable.

2) Property damage
Coverage is also provided for damage to the property of another while on that property or performing any work there. For example, if a plumber damages the walls in your kitchen, his public liability insurance would assist him there.

3) Legal expenses
The cost of hiring and paying an attorney to represent you in any such lawsuit is also covered by a Public liability policy. Thus, saving you a large sum of money for sometimes a small premium.

Do I need public liability insurance?

Public liability insurance can be considered a most important protection for any individual or organisation that has regular public interaction. Many situations can arise suddenly that can lead to disputes and legal troubles. This insurance policy protects the financial interest of your organisaion while seeking the benefit of the public. The following are a few scenarios that show the importance of this coverage,

  • A customer in your business trips on an exposed electrical wire and falls, injuring her knee.
  • As an electrician or independent contractor, you damage the interior of someone’s home.
  • A guest at your home twists her ankle due to a loose tile on the floor.

For more information or to ensure that your public liability limit is adequate, please contact us on 285-GULF!